Aditya Birla Nuvo (ABNL) has created a joint venture with group firm Idea Cellular to establish a new payments bank in India.
Aditya Birla Group said that the new subsidiary will be in the name and style of Aditya Birla Idea Payments Bank.
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ABNL will own a 51% stake in the joint venture, with Idea Cellular will own the remaining 49% stake.
In August 2015, ABNL was among the 11 entities which secured in-principle approval from the Reserve Bank of India to set up payment banks.
The other companies included Reliance Industries, Airtel M Commerce Services, Vodafone m-pesa, Tech Mahindra, Cholamandalam Distribution Services, Department of Posts, Fino PayTech, National Securities Depository, Dilip Shantilal Shanghvi, and Vijay Shekhar Sharma.
Payment banks are allowed to take deposits, offer internet banking and money transfers, and sell insurance and mutual funds. However, these banks cannot lend to customers.
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